Law #11: SOMETIMES YOU NEED TO GO FOR THE MORE EXPENSIVE ITEM
When an affordable dupe product works well, it’s a wise investment. But there are times when investing in the real deal is the best way to go. Learn how to decide when it makes sense to shell out cash for the more expensive product.
Cookware. Even if you don’t consider yourself a good cook, having good cookware is essential. Treat it like an investment because good cookware can last a very long time, even a lifetime. Indeed, some families pass pieces down through the generations. Check these chef-recommended options that come with lifetime guarantees.
Quality skin care. Skin health is truly a world where quality trumps quantity. Quality products often offer well-researched formulations that are more effective with less irritation than lower-quality products. Moreover, higher-quality items typically require only a little product to deliver a significant impact, which means your purchases last longer. Finally, higher investment in skin now is likely to reduce your overall lifetime investment by keeping you from needing costly repair work done in the future.
Smart Watch. This wearable is an excellent investment for a lot of reasons. A Smart Watch like this can help track important things in your body, like how many calories you burn with activity, your workouts, your heart rate at rest and during various activities, your sleeping patterns, and more. You can also receive reminders, get weather alerts, receive messages (if you want them), and get positive reinforcement for your daily activities and calorie burn. Avoid these potential negative impacts of wearing a Smart Watch, and it’ll become one of your most beneficial tools.
Other smart devices. Technology offers impressive benefits these days. A quality scale will measure important data about your weight and body fat percentage; devices like this can track biomarkers and changes in your urine; gadgets like this can make cleaning yourself after using the bathroom more convenient and reduce potential contamination; ones like this can make your house more efficient, comfortable, and greener. Newer technologies often come with a hefty price tag, but their health benefits can be immense.
Therapy. Mental health, both psychiatric and talk therapy, can be tremendously beneficial. Mental health can impact every single element of your life, including personal relationships, work and career, and family relationships. A good insurance plan may cover certain types of mental health, but some treatments may require an out-of-pocket expense. Invest in good insurance, and then invest in the mental health benefits you need.
Quality bedding. Adequate sleep is critical to overall health. Invest in quality bedding, which may come with a hefty price tag. Start with a great mattress, and follow it up with comfortable sheets that fit your lifestyle, climate, and sleeping preferences. Good bedding is an investment, but if you take care of it correctly, it’ll last a very long. When it comes to sheets, pay attention to these things:
Material. You have options when choosing sheets, not least of which is the type of material. One hundred percent Egyptian cotton is a gold standard for durable comfort, while cotton blended with polyester will offer a more wrinkle-resistant look that may feel easier to manage to some. The cotton used to make sheets is usually woven in one of two distinct ways: (1) Percale is a plain weave where a warp thread is laid over a weft thread to give sheets a matte look, while (2) sateen weave has 3-4 warm threads over a weft thread, giving that type more of a sheen look. Thus, percale sheets feel cooler to the touch and may be better for warmer weather, while sateen sheets are silkier and retain more heat, which may sleep better in the winter. Here’s an excellent guide for a breakdown of different types of sheets, including cotton, bamboo, polyester, linen, Tencel, silk, microfiber, and satin.
Thread count. Often thought of as the gold standard for evaluating sheets, thread count measures the number of threads woven into a square inch of fabric. The higher the thread count, the softener the sheet will feel.
Workout equipment for your home. For so many, the gym is over. As soon as I send this issue to the editor, I'm heading into my home gym for a session. I never realized how much you can get done with just a few pieces of equipment, but now that I know, I’ll never go back to a full-time gym membership. Sure, I’ll pop into one from time to time when it is convenient or when that’s my best option (like when I’m traveling). But a gym membership is a thing of the past. Get sufficient equipment for a reasonable investment to deliver all the exercise your body needs. Add to those exercises quality outdoor cardio like walking, jogging, hiking, and swimming, and you’re good to go. You’ll be surprised at how many pieces you need to get a great full-body workout at home. You can get a lot done with a pair of adjustable dumbells, resistance bands, an adjustable workout bench, and adjustable ankle/wrist weights. Add more items if needed, like a treadmill for indoor cardio, but doing the right exercises with just these items can transform your entire body.
Coffee maker or another caffeine-making machine. Whatever your caffeine preferences, whether it’s freshly brewed coffee or an espresso, investing in equipment to make your caffeine-filled beverages at home is a worthy investment. Access to this equipment will require an upfront investment, but it'll pay you back in leaps and bounds over time. Sure, you may enjoy popping out to a coffee shop, but if you ever desire to cut your expenses, having the equipment at home will make that an option. Also, if there is another pandemic surge, you'll have all the equipment to satisfy your caffeine fix right at home.
Quality sunglasses. Many may consider shades a fashion statement to adorn the face, but our ophthalmologist friends talk about their importance in protecting your eyes from the sun. Investing in a pair of quality ones that meet UVA and UVB blocking standards will help you keep your eyes healthy and reduce the potential impact of sun-related vision damage, like cataracts and macular degeneration.
Continuing education. Advancing your knowledge should be a lifelong journey. Learning new skills keeps your mind active, increases enjoyment, and may prolong your life. You can find continuing education opportunities in several avenues, including online courses, community colleges or universities, language classes, cooking classes, and more. Find things that inspire you and invest well to ensure that you pursue opportunities that enhance your knowledge.
Self-care getaway. Self-care is essential, and it's not just for the wealthy. Everyone benefits from self-care, and you should treat it more like mental health than something fancy. Taking care of your body, and sometimes yes, that means pampering it, will keep you healthy for longer and increase your overall life enjoyment.
Go for effect. Sometimes, going for cheaper items to save money and stretch your dollar further is terrific. But if the product you’re buying doesn’t get the job done, you’re wasting the money you’re spending. If you need to pay more to see results, go for the quality item.
Do the math. If the item you’ve been buying falls apart quickly, constantly replacing that item may cost more in the long run than investing in a higher-quality item. Think of buying the cheapest set of pans from your local department store. The most inexpensive (and lowest quality) set may cost about $40. If the handles start to fall off, the Teflon scrapes from the pan, and they’re headed to the dumpster in 3 to 6 months, did you save money? Spending $40 plus a trip to the department store two to three times a year, not even considering the health implications of ingesting crap that attaches to your food from crappy pans, will add up over time. It would have been cheaper to invest $200 in a higher quality set that lasts 8 to 10 years or to make an even higher investment that could come with a lifetime guarantee.
Do your research. When investing in higher-quality items that may last longer than cheaper purchases, learn how to do your research. Read reviews to see how long people say things last and look for guarantees. For instance, some items have a lifetime guarantee or a promise to replace if items start malfunctioning in a certain amount of time. In the absence of those types of guarantees, look for manufacturer warranties. The more extended the manufacturer warranty, the more confidence you can have in the item's functionality over that period. If all else fails and you end up with a low-quality item that breaks quickly, avoid entering a cycle of re-purchasing the same low-quality product. Do what you can to save money and invest in a high-quality item that keeps you from having to replace it constantly.
DIY. Not everyone is cut out for DIY projects, and even for those who are super handy, not every project is suitable for DIY. Be careful to take on only DIY projects that you’re 100% confident in and capable of performing, preferably ones where you have some experience and the cost of failure isn’t too great. Otherwise, invest in quality work that will last.
“The bitterness of poor quality remains long after the sweetness of low price is forgotten.”
- Benjamin Franklin
“I believe that thrift is essential to well-ordered living.”
- John D. Rockefeller
“A man who both spends and saves money is the happiest man, because he has both enjoyments.”
- Samuel Johnson
“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.”
- T.T. Munger
We love saving money, but sometimes save more by spending more. Just like buying some things in bulk means spending more upfront to save later, sometimes investing in a higher-quality item with a longer useful life in exchange for a higher upfront investment makes good financial sense. Plus, every now and then, we love a good splurge to buy something more comfortable and luxurious.
How expensive something is will be relative to your finances. Take deep stock of your current finances and where you can afford to spend more on higher quality, more expensive items. Sometimes, the financial alternative of getting something cheaper for the moment, even if it isn't the best quality, will make sense, given your specific financial situation. The key here is to make those decisions actively rather than blindly looking for the cheapest item as a matter of financial habit.